FORMAL L4M5 TEST, L4M5 NEW DUMPS PDF

Formal L4M5 Test, L4M5 New Dumps Pdf

Formal L4M5 Test, L4M5 New Dumps Pdf

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Tags: Formal L4M5 Test, L4M5 New Dumps Pdf, L4M5 Unlimited Exam Practice, Study L4M5 Group, Valid L4M5 Exam Duration

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CIPS Commercial Negotiation Sample Questions (Q49-Q54):

NEW QUESTION # 49
At the first stage of CIPSProcurement and Supply Cycle (Understand need), which of the following is the most important duty of procurement professional?

  • A. Evaluating the interests from suppliers
  • B. Demand management
  • C. Undertaking 'reverse marketing'
  • D. Deciding whether RFQ or ITT should be used

Answer: B

Explanation:
At the first stage of CIPS Procurement and Supply Cycle (Understand need and develop a high-level specification), procurement professional mainly negotiate with internal stakeholders. They have a duty toproportionately and constructively challenge specification if there's genuine doubt over the need or how the need is expressed. This is called demand management. Their first duty is to the organisation's treasury, not to functional managers.
Demandmanagement including: negotiation/challenge between procurement and internal stakeholders over the need/requirement/specification. Remember that in any process or product, the greatest opportunity for cost reduction is at the design stage.


NEW QUESTION # 50
Which of the following is definition of elasticity of demand in microeconomics?

  • A. The percentage change in the quantity demanded divided by the percentage change in income
  • B. The percentage change in the quantity demanded of a good divided by the percentage change in the price of that good
  • C. The percentage change in income divided by the percentage change in the quantity demanded
  • D. The percentage change in price of a good divided by the percentage change in the quantity demanded of that good.

Answer: B

Explanation:
Elasticity refers to the responsiveness of quantity demanded or quantity supplied to a change in price or another factor:
The price of a product can be described as being elastic if a small change in price leads to a big change in demand.
The price of a product can be described as being inelastic if a big change in price leads to a small change in demand.
The formulae of elasticity of demand is known as the following:
Text Description automatically generated with low confidence


NEW QUESTION # 51
When is the best time for buyer to propose the negotiation agenda to potential supplier?

  • A. At opening stage
  • B. At testing stage
  • C. At conclusion stage
  • D. At preparation stage

Answer: D

Explanation:
A business negotiation agenda is a formal agreed upon list of goals to be achieved or items to be discussed in a particular order during a meeting or negotiation. Agendas can be formal and obvious, or informal and subtle in negotiations.
The agenda is one of the main structural elements of negotiation, in addition to such questions as site, identification of participants, and elements of timing. Together, they answer the who, what, when, and where questions. As with other aspects of negotiation, the agenda can be used either manipulatively to enhance leverage or to improve the prospects for agreement and the possibilities for mutual gain. In most cases, it will be used both ways, reflecting the nature of negotiation as a "mixed-motive" situation.
Although it can be instrumental to [research] volunteer as a sole source to write the agenda, in most cases it becomes a joint activity to construct a consensual basis for subsequent negotiation. In these situations, agenda- building becomes one of the pre-negotiation activities that set the tone for the relationship (Saunders, 1985).
In other situations, the parties may engage in actual negotiation without a formal or written agenda. When this occurs, the risks and uncertainties may be high but the party who appreciates the importance of the informal agenda has a tremendous advantage.
Whether one plans it or not, during the course of negotiation the parties will discuss a finite set of issues in some sequence and from a particular perceptual framework. Consciousness of the universality and centrality of the agenda is prerequisite to guiding negotiation to a successful conclusion.


NEW QUESTION # 52
Procurement gets involved in negotiating purchase requisitions only when there is a value analysis to ensure that only value-adding aspects are included. Is this statement true?

  • A. No, purchasing can negotiate other details of the purchase requisition even where value analysis is absent
  • B. Yes, the role of purchasing is to add value to the purchase, and therefore every purchase requisition must go through a team value analysis
  • C. No, value analysis is a very technical process that requires the expertise of engineering and financial analysts
  • D. Yes, value analysis is the single most important responsibility of procurement in the processing of repeat requisitions

Answer: A

Explanation:
Procurement can negotiate various aspects of a purchase requisition even without a formal value analysis.
While value analysis can enhance cost-effectiveness, procurement professionals often negotiate on pricing, terms, and conditions to add value independently of value analysis, as per CIPS's guidelines on procurement flexibility in negotiations.


NEW QUESTION # 53
According to Professor Gavin Kennedy, in which of the following forms of dispute resolution, both parties will voluntarily exchange their ideas and beliefs?

  • A. Persuasion
  • B. Litigation
  • C. Negotiation
  • D. Gambling

Answer: C

Explanation:
Professor Gavin Kennedy highlights that we need to distinguish negotiation from other forms of decision-making by focusing on what is unique about it (the voluntary exchange) and not shared by other techniques such as persuasion, gambling (e.g., coin tossing), command decision, instruction, litigation and coercion.


NEW QUESTION # 54
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